Waxing the City Franchise
Waxing the City is a company that offers facial and body waxing for both men and women. The company also sells a range of beauty products under the Waxing the City name. The franchisor is Waxing the City Worldwide, LLC. Globally, waxing generates an estimated 10 billion dollars in revenue, and the United States market accounts for a third of this revenue. Since the franchise’s primary focus is waxing, a franchisee gains access to this multibillion-dollar industry. Wax the City was one of the first unisex waxing shops and intended to provide consistently high-quality service to customers with proprietary products and stellar customer care.
The initial cost of starting a Waxing the City franchise includes an initial franchise fee of $42,500. The total initial investment is between $212,500 and $423,500 (“Cost of Owning A Waxing Franchise,” 2020). The franchisor is also required to have a net worth of at least $350,000 and liquidity of $150,000. The company does not provide a projection of profits for the first year because the earnings are variable and dependent on a wide range of factors (Franchisedirect.Com, 2020). Waxing the City does not provide any financial support to would-be franchisees. However, there are discounts for veterans and affiliates who have a good track record. Running a Waxing the City franchise requires a lot of expertise. For this reason, the company requires mandatory training for the technicians and the principal proprietor of the studio. Technicians receive a week’s training before they can be certified.
The company provides additional support in terms of finding a suitable location and advertising. In terms of financial aid, the company is willing to recommend third party financial institutions to provide funding to cover startup costs, inventory, and office supplies. The company also provides advertising for the studio owners before the opening date and after. Advertising before the opening date lasts for forty-five days and a similar period afterward. Even though the company is not going to provide a location for the franchisee, the franchisee receives assistance from experts in finding a suitable store, including a market analysis to determine which site is most profitable. On selecting a location, the franchisee is guaranteed protection from competition because the company does not allow additional franchises to set up shop within the proximity of their studio.
This franchise was selected because of the potential growth, profit, and the resilience of the waxing business in the face of harsh economic climates. During nationwide or global financial crises, most companies tend to suffer, and profits decline. However, the waxing industry has proven to be resilient. Personal care is essential for most people, and even in the face of such difficulties, people will still want to take care of their bodies. The business is also likely to benefit from customer loyalty. Once customers begin to receive sessions from the shop and realize the benefits of such efficient waxing, then they are likely to return and eventually become regular customers. The business, therefore, has the potential to provide a steady revenue stream.
The waxing industry has, in the past, suffered from a negative image. People who considered pubic waxing were victimized and thought of as promiscuous or immoral. However, in recent years, acceptance for the practice has grown and continues to grow. The waxing industry does not have many franchises, and therefore there is a high potential for expansion.
Works cited
“Cost of Owning A Waxing Franchise | Waxing the City.” Waxing The City, 2020, https://www.waxingthecity.com/franchise/investment/.
“Waxing The City Franchise Information.” Entrepreneur, 2020, https://www.entrepreneur.com/franchises/waxingthecity/334276.
“Waxing The City Franchise Costs & Fees, Waxing The City FDD & Franchise Information | Franchisedirect.Com.” Franchisedirect.Com, 2020, https://www.franchisedirect.com/healthbeautyfranchises/waxing-the-city-franchise-10022/ufoc/.